This is the final deep dive into your finances by the lender. Pro tip: Do not make any large purchases (like a new car) or open new credit cards during this time! Phase 5: Closing Day
Look past the paint colors and staging. Check the age of the roof, the HVAC system, and the "vibe" of the neighborhood at different times of day. home buying guide pdf
You'll meet at a title company or attorney's office to sign a mountain of documents and wire your down payment. This is the final deep dive into your finances by the lender
Don't be afraid to ask for closing cost credits or repairs if the house needs work. Phase 4: Due Diligence Once an offer is accepted, you enter "Escrow." Check the age of the roof, the HVAC
Hire a professional to find the hidden "skeletons" in the walls. This is your chance to back out if there are major structural or safety issues.
Your agent will help you determine a fair price based on "Comps" (recent sales of similar homes nearby).
While 20% is the gold standard to avoid Private Mortgage Insurance (PMI), many programs (like FHA) allow for as little as 3.5% or even 0% down.